Petrolimex (PLX) Fuel Prices: Gasoline Down, Diesel Up in 22 October Adjustment

Overview

Vietnam’s Ministry of Industry and Trade published a new fuel price adjustment on the afternoon of 22 October, cutting gasoline sharply while raising diesel and mazut. Petrolimex (ticker PLX, HOSE), the country’s largest fuel distributor, listed retail prices roughly VND 300 per liter below the ministry base prices, and peer distributors posted a spread of prices within the same period.

Key Facts

• E5RON92 base price set at VND 25,361/liter, down VND 1,610/liter; E10RON95-III at VND 25,213/liter, down VND 1,816/liter.
• Diesel 0.05S base price rose VND 444/liter to VND 29,550/liter; mazut 180CST 3.5S rose VND 1,238/kg to VND 23,373/kg.
• Petrolimex listed E5RON92 at VND 25,060/liter (down VND 1,610) and E10RON95-III at VND 24,910/liter (down VND 1,810).
• Petrolimex diesel 0.05S at VND 29,250/liter (up VND 441) and mazut 180CST 3.5S at VND 21,830/kg (up VND 1,204).
• PV Oil kept a VND 350/liter discount, listing E10RON95-III at VND 24,860/liter and diesel 0.05S at VND 29,200/liter.
• SaigonPetro listed E5RON92 at VND 25,360/liter, only a few dong below the ministry figure.
• The ministry counted 3 traders discounting an extra VND 350/liter-kg, 11 traders (including Petrolimex) at VND 300, and 12 traders at smaller discounts.

What Happened

The Ministry of Industry and Trade announced the adjustment on the afternoon of 22 October, setting base prices that distributors may not exceed. Under current rules, wholesalers and distributors publish their own retail prices at the same time they set aside or draw from the petrol price stabilization fund, provided the level does not exceed the announced base price. That allows companies to sell below the state reference, and several did so in the prior period as well.

Petrolimex, the Vietnam National Petroleum Group, published its own schedule: E5RON92 at VND 25,060/liter, E10RON95-III at VND 24,910/liter, diesel 0.05S at VND 29,250/liter and mazut 180CST 3.5S at VND 21,830/kg. It also listed E10RON95 grade V at VND 25,710/liter and diesel 0.001S grade V at VND 30,650/liter. Mipecorp, the military fuel corporation, matched Petrolimex’s headline grades after a VND 300 cut, while PV Oil held its VND 350 discount and SaigonPetro stayed within a few dong of the ministry prices. The ministry said the extra discounts reflect efforts to share fuel costs with customers.

Market Context

PLX closed at VND 35,850 on 22 October 2026 on HOSE. The stock trades in the Energy sector, where earnings are driven by retail volume, inventory timing and the spread between landed cost and the administered selling price rather than by the direction of the base price alone. A period that cuts gasoline while raising diesel shifts the product mix: diesel carries a larger share of transport and industrial demand, and the VND 444/liter base increase supports revenue per liter on that grade even as gasoline realizations fall.

Strategic Significance

The core issue for PLX is not the size of the cut but the widening gap between the administered ceiling and what distributors actually charge. When Petrolimex prices VND 300 below the base while PV Oil goes VND 350 lower, the competitive lever becomes discretionary discounting, which compresses per-liter margin unless offset by volume or by inventory gains on products whose base price rose. Diesel and mazut increases matter more for PLX’s wholesale and industrial customers, and the company’s ability to pass through costs depends on how long the ministry keeps the current formula and stabilization-fund settings in place.

What to Watch

• The next price adjustment period and whether the gasoline-diesel spread narrows or widens.
• Petrolimex’s published discount level relative to the base price, currently VND 300/liter-kg.
• Stabilization fund appropriation and drawdown figures in the next ministry announcement.
• PLX inventory and gross-margin disclosure in its next quarterly earnings release.
• Any change to the pricing decree governing how far distributors may deviate from base prices.